Blackstone to buy Dutch trust office

Private equity group Blackstone is paying €675m to buy a Dutch trust administration firm that in part helps companies minimise their tax bills, the Financial Times reports.

Amsterdam-based Intertrust Group is owned by Dutch investor Waterland Private Equity Investments and, according to its website, has its origins in private bank MeesPierson.
The deal is set to be completed in the coming months after regulatory approval, the Intertrust website said.
According to the FT, Intertrust employs 1,100 people in more than 20 countries. In June it bought Walkers Management Services which provides corporate services in the Cayman Islands, Delaware (USA), Dubai, Dublin (Ireland), Hong Kong and the British Virgin Islands.
The Blackstone takeover comes at a time of increasing pressure on the Dutch trust sector and news that MPs are to press for changes to the Dutch letter box company regime.Related storiesTax deals for letterbox firms under fire, MPs call for changeStarbucks under fire in Britain over Dutch tax deal